Regarding insurance adding additional umbrella insurance is great idea. 

I intend on sending the tenant a bill for the exact repair cost as "additional rent" (per the lease) instead of evicting in the winter and deducting from the security deposit.

Are you saying the current property being exchanged has a debt of $200k and you need an additional $200k to purchase the new property? 

In addition, you want a separate bank account for the rental property to separate it from your personal accounts.

Happy to provide more info or photos.

Despite no additional renovations being necessary, our efficient strategy and swift turnaround led to a same-day sale at $225,000.

Message me and I will shoot you their info.

You don’t want your lender to go out of business while still holding your construction escrow funds.Can you provide me with the contact info of some recent borrowers?

My last note would be to try to buy 3 or less replacement properties, it makes the exchange much easier and you avoid some additional rules.

Additionally, we have equity of approximately $145,000.Now, we are faced with a dilemma: should we sell our current property and purchase in a more favorable neighborhood, or should we rent the house and let it pay for itself.We would greatly appreciate any advice you may have.